We want the best for you and your tenants during these difficult times. Therefore, we suggest you follow the below checklist for Landlords with Tenants requesting lower rent:
- Has the tenant provided proof of termination, stand down or reduced work hours?
- Has the tenant applied and able to provide proof of either the Jobseeker payment or has their employer applied for the Jobkeeper payment.
- Has the property manager explained to mortgage reprieves are case by case and not automatically given? Also that the end result is that the missed payments and interest are added to the mortgage thereby increasing payments once reprieve is over.
- If a rent reduction is still applicable make sure to create a written agreement via your property manager. The agreement can include: reduced rent for a specified period or a rent reprieve for a specified period with repayment terms.
- If the tenant simply vacates or stops paying without an agreement, risks being pursued with any outstanding rent due
You can always contact us for further information or if you need assistance and guidance.
